Mortgage Loan Process
Pre-Qualification
We strongly suggest that at the beginning of your house hunting process you get pre-qualified. This process allows you and your real estate agent to focus on properties that you will be able to afford. It will save you valuable time and effort when securing your mortgage. In order to become pre-qualified, we will need the following information:
- Income verification (Prior 2 years W-2s, 2 most recent paystubs if a salaried employee and prior 2 years tax returns, including all schedules).
- 2 most recent monthly or quarterly statements for all asset accounts.
- Permission to run a credit report on your behalf.
Once we receive all the necessary information, you will receive a pre-qualification letter in the amount you desire up to your maximum qualified loan amount typically within one business day.
Decide on Terms and Rates
After you and the seller have signed a contract to purchase, the next step in the financing process is to determine which type of mortgage is most appropriate for you. We offer a variety of products for most types of purchases and income levels – general information on these can be found on our website by following the links on the “Mortgages” tab above.
Please contact one of our experienced mortgage professionals Carl Edwards, EVP, Kathy Green, MLO or Mike O’Neil, MLO at 781-631-6002 or e-mail mortgage@ngbank.com for more detailed information and to see which loan product best suits your needs.
Loan Application Process
In addition to the income and debt verification necessary for pre-qualification, there are other essential documents which require signatures to allow us to verify certain aspects of the loan application. You will be notified in advance as to which documents are required to complete and we will assist you throughout the loan application process.
Once your loan application is fully executed, the appraisal on the subject property will be ordered. Final approval is based on several factors including income, credit history, debt levels, available assets, and property value.
Upon receiving your acceptance of the Bank’s commitment, our attorney will contact you to set up the closing.
Closing your Loan
The closing attorney will contact you to set up a time and place for the closing and he/she will advise you of what you will need to bring. At the closing, you will be signing documents that are required by the bank and the government to secure your loan.
At each step, the closing attorney will explain what you are signing and why. They will be readily available to answer any questions that you may have. Congratulations on your new home!
Additional Information
If you have any questions at all about the loan process or otherwise, please do not hesitate to contact one of our experienced mortgage professionals Carl Edwards, EVP, Kathy Green, MLO or Mike O’Neil, MLO at 781-631-6002 or e-mail mortgage@ngbank.com.
Use our calculators to access a loan amortization calculator to experiment with monthly payment scenarios.
National Grand Bank NMLS #405306
Carl Edwards NMLS #39982
Kathy Green NMLS #521013
Mike O’Neil NMLS #2170750
